ok...so here's the thing. since being a member of the myFICO forums, i've improved my credit profile and scores in that past several months more than at any time in the past. because i got so excited of my improved scores, i went app crazy. half of the cc's i applied for i got. my discover card just posted on all 3 CRBs this week with 2/3 of the credit available being utilized (hey, 0% BT is better than up to 17% that i was paying from the two cards i did the BT from). my FAKO scores took considerable hits...and im thinking that if that happened on those scores, my FICO spiralled down as well. and it hasn't even bottomed out yet. the fun, shall we say, is just starting. i have my chase freedom and alliant CU cc's that aren't showing yet. but those hopefully, will be minimal impact due to the fact that i am trying to keep them at zero util for now (and at least for the next 3 months). my only silver lining, my mom finally put me as an additional member on her costco. she has agreed to add me as AU on her costco amex card with a $30K CL. she's been a member close to two decades. with sterling payment history. so when this shows up on my report, it will help lessen the hurt of the new cc accounts on the reports, right?
also, my chase freedom is 0% BT for 12 months and only available for the first 30 days of the account. i still have until december of 0% of the BT i did to my discover card. CL of $800 on chase and was thinking of doing a BT for that amount from discover on it for the 12 months 0% BT. if i do that, it would give me less than 10% util on my discover (which is currently my highest CL card), but will put me at 100% util on my new chase cc. whether the balance stays on discover or goes to chase, i do plan on having the balance paid by october. but things might come up between now and december that will prevent me from getting the balance paid off, so im thinking that it the balance was on chase, im at least not restricted up to only december on a 0%. can i get your input on what you guys/gals may do if it was you?
I agree with HoldingOntoHope about the additional balance transfer fees and not wanting to rack up more than that. Remember also, that FICO looks at OVERALL UTIL as well as INDIVIDUAL UTIL. IF you BT from discover to chase as you posed and put chase at 100%, that's maxing out a card and you will take a hit for that. While not ideal to leave multiple balances across multiple cards, that may be better than one card with low util and one card maxed out.
Sounds like adding the Costco AMEX will help with your history and AAoA. Also, if the cards you just transferred balances from do not have AF's, keep them open to utilize the reported CL's.
words of wisdom from myFICOers. yeah that's what i was thinking about last night...that it wouldn't make sense getting hit with another fee just to get longer 0%. and agree with Holding when he/she said not to think about something happening moneywise. i guess im just like that...i always think about "what if something comes up later" whenever i do my budget and/or want to buy something that i don't really need. the only thing i knew to do with my cc's before joining this forum was just paying on time and paying more than the minimum. did not even know about util on scores. that's the reason why i asked for the forums' opinion.
thanks for the input!